Hello everyone, it's me again with an update on my free trial experience for my entrepreneurs virtual co-working space. Make sure to check part 1 and part 2 for a bit more context.
It's been three days since I started this experience, which I realize now might be too short of a period to actually make relevant conclusions... But I will make them anyway XD
In these three days six people have joined the trial period for the community
To put things in perspective, since I started the WBE space, between one and two new paying members have joined us every week. This means that implementing the trial period increased the conversion by 300%.
Even though these are non-paying members at first glance it seems like a promising result. However, it is not working out...
My intuition was right!
As you probably remember, I was always a little bit against giving access for free to the community because it is a safe place where entrepreneurs can speak about their vulnerabilities and support each other. We have members that have even already met in person!
Removing the paywall means that people can join without any prior commitment and actually damage this trust that we have built.
From the six people that joined only one has actually been active. The others have completely ghosted us and because of that, it feels we can not trust them and be authentic in the groups.
No more free trial!
I have decided to stop this free trial experiment and implement a Money Back Guarantee Policy for the first thirty days. I know that this offers a bit more resistance for people to join but in this case, this is actually my method to keep the community a safe and cozy place for bootstrappers!
I hope you found this post valuable and if you are more of a podcast kind of person I have talked about it in episode 175.
Cheers
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